The holiday season is such a festive time of year. December is full of events “all-things-social.” Mix in holiday shopping, traveling, preparing to travel, packing to travel…life gets busy this time of year! I recently called a good friend in Phoenix who told me three quarters of her real estate office is out of the office. I asked “is the office having a holiday party?” Her response was amusing. “No, they are out. Everyone’s coming back after the 1st.” As we continued to talk I mentioned to her that real estate can slow down this time of year. Without missing a beat she responded, “We slow down, but some of us have to get things done. I’m having one of my best months right now with customers who need to close before year end.” She made a really good point. For some sellers, renters, exchangers the holiday season doesn’t give their obligations a break till after the New Year. For example, I’m still getting calls from customers who really need a house rental by the 1st of January. Add that two local agents contacted me recently with two new listings in which the sellers need to close quickly. Then I was contacted by two loan officers who are featuring special loan deals this month including no money down and no document programs for new home buyers. So much for taking a break at the in December! The amazing thing that I have learned over the years about real estate at the holidays is this: buyers and renters have so little competition they practically control the deal! If you think about it, where are most people you may know today? Online shopping? Traveling? Running down to the grocery store to pick up holiday food supplies and beverages for the big meal? Getting ready for tonights party/concert/program? One example I can share recently was on a new home lease listing in Inglewood. After speaking with the owner he explained to me, that even with the house only on the market for 3 days he would be willing to drop the asking rent $100/mos. just to get a renter in by year end. 3 days on market! It takes AT LEAST one weekend and a full week for the public to find a new listing, let alone set up an appointment for a showing! This rarely happens in the spring, summer or early fall in my market. Another example is of a seller that I made an offer on a single family house that needed major remodeling work. A real fixer upper as you can imagine it. Needs everything. I asked the seller for several concessions including a very delayed closing to allow the bank (which FOR SURE will be working slowly at the holidays) to fund the deal into early February if needed. The seller’s response was very generous and said “this sounds fine to me.” WHAT OTHER TIME OF YEAR WOULD THIS HAPPEN?!?!? Ahhh the holidays. Yes, even with the shopping, the parties, the meals, those oh-so-social events that make the spirit of the season so rich and festive, there is still work to be done and deals to be had. Except this time of year, it can really feel like a one person audience. I don’t know about you but I like the odds of getting deals closed at the holidays more than any other time of the year. Happy Holidays everyone and a joyous New Year!
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Paul Krause is a licensed California Realtor #01835890 and General Contractor #1029575 and is based out of Los Angeles, California.